Mid-Afternoon Market Update: NASDAQ Up Over 1%; Cintas Shares Surge On Upbeat Earnings

Toward the end of trading Wednesday, the Dow traded up 0.27 percent to 18,608.11 while the NASDAQ climbed 1.12 percent to 5,092.51. The S&P also rose, gaining 0.47 percent to 2,174.02.

Leading and Lagging Sectors

On Wednesday, technology shares climbed by 1.47 percent. Top gainers in the sector included Marvell Technology Group Ltd. MRVL and Medidata Solutions Inc MDSO.

In trading on Wednesday, basic materials shares fell by 0.36 percent. Meanwhile, top losers in the sector included McEwen Mining Inc MUX, down 10 percent, and Dynamic Materials Corporation , down 11 percent.

Top Headline

Morgan Stanley MS announced better-than-expected adjusted earnings and revenue for the second quarter.

Morgan Stanley reported net income applicable to its shareholders of $1.6 billion or $0.75 per share, down from net income of $1.8 billion or $0.85 per share in the year-ago quarter. The company indicated that its prior year quarter included DVA revenue of $182 million. Excluding DVA in the prior year quarter, net income applicable was $1.7 billion, or $0.79 per share. This was higher than the Street analysts' estimation of $0.50 a share.

The company's top line fell to $8.9 billion from $9.7 billion in the previous year quarter. This was also better than the Street prediction of $8.3 billion.

Equities Trading UP

Progenics Pharmaceuticals, Inc. PGNX shares shot up 24 percent to $6.13 after announcing the FDA approval of RELISTOR tablets for the treatment of opioid-induced constipation in adults with chronic non-cancer pain.

Shares of Marvell Technology Group Ltd. MRVL got a boost, shooting up 14 percent to $11.23. Marvell Technology reported better-than-expected earnings for its fourth quarter.

Cintas Corporation CTAS shares were also up, gaining 11 percent to $107.74 after the company reported upbeat Q4 results and issued a strong FY forecast.

Equities Trading DOWN

Zafgen Inc ZFGN shares dropped 53 percent to $3.20 after the company reported that it has suspended the development of its obesity drug Beloranib.

Shares of Exponent, Inc. EXPO were down 13 percent to $50.97 after the company reported downbeat Q2 results.

Dynamic Materials Corporation BOOM was down, falling around 11 percent to $10.89 on weak preliminary Q2 results. Dynamic Materials reported preliminary Q2 sales of $41.3 million, compared to $44.7 million reported in the year-ago quarter.

Commodities

In commodity news, oil traded up 0.45 percent to $44.85 while gold traded down 1.04 percent to $1,318.50.

Silver traded down 2.11 percent Wednesday to $19.59, while copper fell 0.46 percent to $2.25.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 1.03 percent, the Spanish Ibex Index climbed 1.06 percent, while Italy’s FTSE MIB Index rose 0.54 percent. Meanwhile the German DAX climbed 1.61 percent, and the French CAC 40 gained 1.15 percent, while U.K. shares rose 0.47 percent.

Economics

The MBA reported that its index of mortgage application activity declined 1.30 percent for the week ended July 15, 2016.

Crude supplies slipped 2.3 million barrels for the week ended July 15, the U.S. Energy Information Administration reported. However, analysts were expecting a drop of 1.25 million barrels. Gasoline supplies increased 900,000 barrels, while distillate stockpiles slipped 200,000 barrels last week.